Ripple’s Milestone Achievement

In a game-changing move for the fintech landscape, Ripple has officially secured a full license from Singapore’s Monetary Authority, enabling it to operate as a major payment institution in the region. This milestone follows just a few months after the company received in-principle approval in June, demonstrating a rapid accession into Singapore’s vibrant financial ecosystem.

Brad Garlinghouse’s Vision for Singapore

Brad Garlinghouse, Ripple’s CEO, expressed his excitement about this achievement, stating, “Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.” Under Garlinghouse’s leadership, Ripple has established its Asia Pacific headquarters in Singapore since 2017, emphasizing the country’s critical role in the company’s global strategy.

Ripple’s Global Operations Focus

Interestingly, Ripple has noted that a staggering 90% of its business is conducted outside of the United States. This statistic highlights Ripple’s commitment to expanding its reach in the Asia Pacific region, where it aims to promote its crypto-backed products, much to the enthusiasm of local crypto enthusiasts.

The Competitive Landscape

With the new license, Ripple joins an elite group of 14 other firms granted the same authorization by MAS—think of it as the cool kids’ table for financial innovators. Among them are familiar names like Coinbase and Blockchain.com, setting Ripple on a path to provide digital payment token services alongside these notable competitors.

Ripple’s Winning Streak

October 4th turned out to be a remarkable day for Ripple. Not only did they receive the license, but they also celebrated a legal victory: a U.S. judge blocked the Securities and Exchange Commission’s attempt to appeal against Ripple in a suit that has cast a long shadow over its operations. It seems the stars are aligning for Ripple—proof that sometimes good news comes in waves!